Estate agents in the south-east have dismissed the National Housing Federation's (NHF) recent claims that house prices will rise by an additional 40 per cent over the next five years.

In Gloucestershire, the average cost of a home stands at around £230,000, making the county one of the least affordable for first-time buyers in the whole of the UK.

While prices are expected to increase in the short-term future, local experts feel these latest predictions are wide of the mark.

"These figures are a bit speculative," Martin Goodchild, the owner of West End Estate Agents in Gloucester told the Gloucestershire Echo.

"The general opinion within the industry at the moment is that price increases are slowing.

"That's the result of a rise in interest rates, and I expect those to continue to rise."

However, the region remains increasingly popular with London professionals looking for a second home in the country, with prices in the Cotswolds having risen significantly as a result of growing demand from this sector.